Tuesday, January 22, 2013

AirAsia Magnate Eyes Indonesia's Insurance Business

Tony Fernandes, CEO of AirAsia Bhd, is eyeing insurance businesses in Indonesia, planning to acquire a local insurance company. The expansion will be carried out by its subsidiary, Tune Insurance Holdings Bhd, which was also the acquirer of 20 percent stake in Tune Insurance Malaysia Bhd in October 2012.

Tune Insurance Managing Director Peter Miller, said the company was in discussions with certain insurance companies there, but nothing had been finalized. Tune Insurance is also eyeing Thailand's insurance market through acquisitions, in order to achieve growth in the ASEAN region.

According to him, the presence of AirAsia in both countries has a competitive edge to it. Strong economic growth and large affluent population becomes a solid base to establish an insurance business. (Tempo Interactive)

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